The main question with the oil market right now is this: is the market forming a double top? Clearly the price is currently at/near its previous peak. In addition, the RSI has printed a lower top (so far) and the the MACD's level is close to the level of the first peak. Prices are just above the 50 week EMA -- a level which they failed to hold a few months ago before the summer driving season.
The daily chart adds more credence to the double top theory. Notice that prices are about the same level as the first peak. But notice that both the RSI and MACD are at far lower levels then the previous peak. That is very interesting from a technical level as it indicates the second peak is technically weaker than the first peak.
